IMPORTANT INVESTOR ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Avid Technology, Inc. & Encoura...
November 23 2016 - 11:38AM
Business Wire
Khang & Khang LLP (the “Firm”) announces a class action
lawsuit against Avid Technology, Inc. (“Avid” or the “Company”)
(Nasdaq: AVID). Investors, who purchased or otherwise acquired
shares between August 4, 2016 and November 9, 2016 inclusive (the
“Class Period”), are encouraged to contact the Firm in advance of
the January 20, 2017 lead plaintiff motion deadline.
If you purchased shares of Avid during the Class Period, please
contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von
Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949)
419-3834, or by e-mail at joon@khanglaw.com.
There has been no class certification in this case yet. Until
certification occurs, you are not represented by an attorney. You
may choose to take no action and remain a passive class member.
The complaint alleges that Avid failed to disclose that because
it did not launch all the enterprise level features for its new
NEXIS solution product offerings, its enterprise customers were
deferring renewals and purchases. On November 9, 2016, the
Company announced that both its third quarter 2016 bookings and
revenues were much lower than it led investors to expect, citing
“the transition of the storage product line” and disclosing that
“some existing enterprise clients deferred normal upgrade and
renewal decisions and new customers postponed investments until the
release of functionality targeted to the enterprise market.” When
this information was released, shares of Avid declined in value,
causing investors harm.
If you wish to learn more about this lawsuit at no
charge to you, or if you have questions concerning this notice or
your rights, please contact Joon M. Khang, a prominent litigator
for almost two decades, by telephone: (949) 419-3834, or by e-mail
at joon@khanglaw.com.
This press release may constitute Attorney Advertising in some
jurisdictions.
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version on businesswire.com: http://www.businesswire.com/news/home/20161123005522/en/
Khang & Khang LLPJoon M. Khang, Esq.Telephone:
949-419-3834Facsimile: 949-225-4474joon@khanglaw.com
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